Latin Business Chronicle | 4/2/2009 12:00:00 AM
Reflections on Colombia's DMG Affair
Apr 02 -- Latin America's lack of bank credit spurs scammers like David Murcia Guzman and his DMG Ponzi scheme.
As lawyers in the United States are preparing to sue banks and feeder funds, victims are growing in number by the day. Scams are equal opportunity affairs. They do not distinguish by nationality, race, social standing, wealth, education, profession, or background. Whether a high profile hedge fund in an office on New York’s Fifth Avenue or a dodgy operation run from a warehouse with two chairs in a South American shantytown, the impact is the same: victims have been fleeced by the thousand and the credibility of the global financial system has been compromised.
Read more here.